0000950170-24-123447 | 10-Q | XBRL Viewer

Common Stock	9 Months Ended
Sep. 30, 2024
Equity [Abstract]
Common Stock	7. Common Stock At September 30, 2024, the authorized capital of the Company included 300,000,000 shares of the Company’s common stock, of which 84,463,059 shares of the Company’s common stock were issued and outstanding. On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share. The holders of the Company’s common stock have no preemptive, redemption or conversion rights.

Common Stock

9 Months Ended

Sep. 30, 2024

7. Common Stock

At September 30, 2024, the authorized capital of the Company included 300,000,000 shares of the Company’s common stock, of which 84,463,059 shares of the Company’s common stock were issued and outstanding. On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share. The holders of the Company’s common stock have no preemptive, redemption or conversion rights.

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Debt Securities, Available-for-Sale [Abstract]

Schedule of Marketable Securities


								As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	128,478	$	150	$	—		$	128,628
US Government agency securities		22,059		34		(1	)		22,092
Asset-backed securities		54,884		121		(3	)		55,002
Commercial paper		16,704		16		—			16,720
Corporate bonds		161,584		327		(3	)		161,908
Total	$	383,709	$	648	$	(7	)	$	384,350


								As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	155,816	$	145	$	(23	)	$	155,938
US Government agency securities		178,115		96		(51	)		178,160
Commercial paper		39,461		14		(27	)		39,448
Corporate bonds		60,684		65		(12	)		60,737
Total	$	434,076	$	320	$	(113	)	$	434,283

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (134,842)	$ (96,792)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	37,470	37,271
Depreciation and amortization expense	312	312
Accretion of premium and discounts on marketable securities	(9,108)	(11,101)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	8,256	6,023
Other assets	(287)	98
Accounts payable	1,533	(2,156)
Accrued expenses and other liabilities	(8,306)	2,904
Operating lease liabilities	(130)	(120)
Net cash used in operating activities	(105,102)	(63,561)
Cash flows from investing activities
Purchases of marketable securities	(402,702)	(515,132)
Sales and maturities of marketable securities	462,177	527,664
Net cash provided by investing activities	59,475	12,532
Cash flows from financing activities
Proceeds from issuance of common stock under ESPP	267	257
Net cash provided by financing activities	267	257
Net decrease in cash and cash equivalents	(45,360)	(50,772)
Cash and cash equivalents at the beginning of period	143,823	188,658
Cash and cash equivalents at the end of period	$ 98,463	$ 137,886

Benefit Plan

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Benefit Plan

13. Benefit Plan

The Company’s defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”) covers substantially all employees who meet minimum age and service requirements. Under the terms of the 401(k) Plan, the Company records matching contributions up to 4% of the participant’s eligible compensation. During the three months ended September 30, 2024 and 2023, the Company recognized expense of $149 and $105, respectively, relating to matching contributions to the 401(k) Plan. During the nine months ended September 30, 2024 and 2023, the Company recognized expense of $711 and $642, respectively, relating to matching contributions to the 401(k) Plan.

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash equivalents
Marketable securities	$ 384,350	$ 434,283
Total	474,991	578,023
Level 1
Cash equivalents
Total	90,641	143,740
Level 2
Cash equivalents
Total	384,350	434,283
U.S. Treasury obligations
Cash equivalents
Marketable securities	128,628	155,938
U.S. Treasury obligations \| Level 2
Cash equivalents
Marketable securities	128,628	155,938
U.S. Government agency securities
Cash equivalents
Marketable securities	22,092	178,160
U.S. Government agency securities \| Level 2
Cash equivalents
Marketable securities	22,092	178,160
Commercial paper
Cash equivalents
Marketable securities	16,720	39,448
Commercial paper \| Level 2
Cash equivalents
Marketable securities	16,720	39,448
Corporate bonds
Cash equivalents
Marketable securities	161,908	60,737
Corporate bonds \| Level 2
Cash equivalents
Marketable securities	161,908	60,737
Asset-backed securities
Cash equivalents
Marketable securities	55,002
Asset-backed securities \| Level 2
Cash equivalents
Marketable securities	55,002
Money Market Funds
Cash equivalents
Cash equivalents	90,641	143,740
Money Market Funds \| Level 1
Cash equivalents
Cash equivalents	$ 90,641	$ 143,740

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

10. Leases

The Company has a non-cancelable operating lease agreement for its office space in Boston, Massachusetts at 225 Franklin Street ("225 Lease"). The 225 Lease commencement date was January 1, 2022 and the 225 Lease runs through December 31, 2026. The 225 Lease does not contain any options for renewal or extension.

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of September 30, 2024.


	As of September 30,
	2024
Right-of-use asset	$	1,391
Current lease liability		790
Non-current lease liability		1,045

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of September 30, 2024 were as follows.


	As of September 30,
	2024
Remainder of 2024	$	205
2025		838
2026		855
Total lease payments		1,898
Less amount representing implied interest		63
Total lease liability	$	1,835
Current portion of operating lease liabilities	$	790
Non-current portion of operating lease liabilities	$	1,045

For each of the three months ended September 30, 2024 and 2023, the Company recorded operating lease costs of $162, relating to its operating lease agreements. For each of the nine months ended September 30, 2024 and 2023, the Company recorded operating lease costs of $485, relating to its operating lease agreements.

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 12,164	$ 12,383	$ 37,470	$ 37,271
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,815	5,564	17,869	17,037
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,349	$ 6,819	$ 19,601	$ 20,234

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2024		December 31, 2023
Research and development, including manufacturing and clinical expenditures	$	13,652	$	20,999
Payroll and payroll related		4,535		5,696
Professional fees and other		428		669
Total accrued expenses and other current liabilities	$	18,615	$	27,364

Organization - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Patients shares	Dec. 31, 2023 shares	Nov. 30, 2021 USD ($)
Organization [Line Items]
Number of patients enrolled in the HCV clinical trial \| Patients	275
Cash and cash equivalents and marketable securities \| $	$ 482.8
Number of shares issued \| shares	84,463,059	83,435,513
Sales Agreement \| Jeffries
Organization [Line Items]
Commission percentage of aggregate gross proceeds from each sale of shares	3.00%
Number of shares issued \| shares	0
Sales Agreement \| Jeffries \| Maximum
Organization [Line Items]
Aggregate offering price \| $			$ 200.0

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Activity

The following table summarizes stock option activity for the nine months ended September 30, 2024.


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($000s)
Outstanding at January 1, 2024		17,017,319		$	15.30		7.1	$	5,080
Granted		3,213,550		$	4.10
Exercised		—		$	—
Cancelled		(64,800	)	$	18.27
Outstanding at September 30, 2024		20,166,069		$	13.51		6.8	$	6,095
Vested and expected to vest at September 30, 2024		20,166,069		$	13.51		6.8	$	6,095
Vested and exercisable at September 30, 2024		14,010,255		$	16.28		6.1	$	6,075

Summary of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive loss was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options	$	10,612	$	11,295	$	32,884	$	34,592
Restricted stock units		1,356		1,087		4,018		2,590
Performance-based stock units		185		—		488		—
Employee stock purchase plan		11		1		80		89
Total stock-based compensation expense	$	12,164	$	12,383	$	37,470	$	37,271

Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expense	$	5,815	$	5,564	$	17,869	$	17,037
General and administrative		6,349		6,819		19,601		20,234
Total stock-based compensation expense	$	12,164	$	12,383	$	37,470	$	37,271

Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units

Below is the activity related to restricted stock units for the nine months ended September 30, 2024.


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		2,337,517		$	4.69
Granted		1,126,100		$	4.05
Released		(927,932	)	$	4.65
Cancelled		(12,633	)	$	4.62
Unvested shares at September 30, 2024		2,523,052		$	4.42

Performance-based Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes the activity related to performance-based restricted stock units for the nine months ended September 30, 2024.


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		724,970	$	7.14
Granted		1,057,900	$	4.16
Released		—	$	—
Cancelled		—	$	—
Unvested shares at September 30, 2024		1,782,870	$	5.37

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Business Overview

Atea Pharmaceuticals, Inc., together with its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation, is referred to herein on a consolidated basis as “Atea” or the “Company”.

The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral antiviral therapeutics to improve the lives of patients suffering from serious viral infections. Currently, the Company is evaluating the combination of bemnifosbuvir, a nucleotide NS5B inhibitor, and ruzasvir, an NS5A inhibitor, for the treatment of hepatitis C virus (“HCV”) in a global Phase 2 clinical trial which is fully enrolled with 275 patients. The Company expects to report topline results from this study in the fourth quarter of 2024. If the Phase 2 clinical trial is successful, subject to discussion and alignment with regulatory authorities, the Company anticipates to initiate Phase 3 clinical development of this combination product candidate in 2025.

Liquidity and Capital Resources

As of September 30, 2024, the Company had $482.8 million in cash, cash equivalents and marketable securities, which the Company believes will be sufficient to fund its operations for a period through at least twelve months from the issuance date of these condensed consolidated financial statements.

In November 2021, the Company entered into an open market sales agreement (“Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $200.0 million, through or to Jefferies, acting as sales agent or principal. The shares may be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (“SEC”) on November 24, 2021, as amended. The Company has agreed to pay Jefferies a commission of 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Jefferies with customary indemnification and contribution rights. As of September 30, 2024, no shares have been issued under the Sales Agreement.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to clinical-stage biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical and clinical studies, uncertainties associated with research and development activities generally, competition from technical innovations of others, dependence upon key personnel, compliance with governmental regulations, the need to obtain marketing approval for any product candidate that the Company may develop, the need to gain broad acceptance among patients, payers and health care providers to successfully commercialize any product for which marketing approval is obtained and the need to secure and maintain adequate intellectual property protection for the Company’s proprietary technology and products. Further, the Company is currently dependent on third-party service providers for much of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development, including most notably the combination of bemnifosbuvir and ruzasvir for the treatment of HCV, will require significant amounts of additional capital and additional research and development efforts, and all the Company’s product candidates will require regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations.

The Company may seek additional capital through one or more of a combination of financing through the sale of additional equity securities, debt financing, or funding in connection with any new collaborative relationships it may enter into or other arrangements. There can be no assurance that the Company will be able to obtain such additional funding, on terms acceptable to the Company, on a timely basis or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders. Geopolitical events,

including civil or political unrest and terrorism, have resulted in a significant disruption of global business and financial markets. In addition, recent or future market volatility, increased inflation and higher interest rates, if sustained, may increase the Company’s cost of financing and may restrict our access to potential sources of future liquidity.

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessor, Lease, Description [Line Items]
Operating lease costs	$ 162	$ 162	$ 485	$ 485
Office Space
Lessor, Lease, Description [Line Items]
Location of office space			Boston, Massachusetts at 225 Franklin Street
Lease commencement date			Jan. 01, 2022
Lease expiration date			Dec. 31, 2026
Lessor, Operating Lease, Existence of Option to Extend [true false]			false

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Research and development, including manufacturing and clinical expenditures	$ 13,652	$ 20,999
Payroll and payroll related	4,535	5,696
Professional fees and other	428	669
Total accrued expenses and other current liabilities	$ 18,615	$ 27,364

Net Loss Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (31,151)	$ (40,522)	$ (63,169)	$ (33,142)	$ (28,183)	$ (35,467)	$ (134,842)	$ (96,792)
Weighted average common shares outstanding, basic	84,422,000			83,399,769			84,198,117	83,374,328
Weighted-average number of common shares - diluted	84,422,000			83,399,769			84,198,117	83,374,328
Net loss per share, basic	$ (0.37)			$ (0.4)			$ (1.6)	$ (1.16)
Net loss per share, diluted	$ (0.37)			$ (0.4)			$ (1.6)	$ (1.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(31,151	)	$	(33,142	)	$	(134,842	)	$	(96,792	)
Weighted average common shares outstanding, basic and diluted		84,422,000			83,399,769			84,198,117			83,374,328
Net loss per share, basic and diluted	$	(0.37	)	$	(0.40	)	$	(1.60	)	$	(1.16	)

Summary of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following shares were excluded from the computation of the net loss per share for the three and nine months ended September 30, 2024 and 2023, respectively, due to the net loss during the periods as their effect is antidilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options		20,166,069		17,006,319		20,166,069		17,006,319
Restricted stock units		2,523,052		2,337,517		2,523,052		2,337,517
Performance-based restricted stock units		1,782,870		724,970		1,782,870		724,970

Marketable Securities

9 Months Ended

Sep. 30, 2024

Debt Securities, Available-for-Sale [Abstract]

Marketable Securities

4. Marketable Securities


								As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	128,478	$	150	$	—		$	128,628
US Government agency securities		22,059		34		(1	)		22,092
Asset-backed securities		54,884		121		(3	)		55,002
Commercial paper		16,704		16		—			16,720
Corporate bonds		161,584		327		(3	)		161,908
Total	$	383,709	$	648	$	(7	)	$	384,350


								As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	155,816	$	145	$	(23	)	$	155,938
US Government agency securities		178,115		96		(51	)		178,160
Commercial paper		39,461		14		(27	)		39,448
Corporate bonds		60,684		65		(12	)		60,737
Total	$	434,076	$	320	$	(113	)	$	434,283

As of September 30, 2024, the Company held five securities that were in an unrealized loss position of $7 with an aggregate fair value of $16,157. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable debt securities for either the three or the nine months ended September 30, 2024.

None of the securities had remaining maturities longer than one year as of September 30, 2024.

The Company received proceeds of $462,177 and $527,664 from sales and maturities of marketable securities during the nine months ended September 30, 2024 and 2023, respectively.

Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Roche License Agreement
Disaggregation Of Revenue [Line Items]
Research and development net credits adjustment	$ 0	$ 3,748	$ 1,292	$ 12,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Development Consulting Agreements \| Maximum
Loss Contingencies [Line Items]
Success fee	$ 5,000,000
Merck License Agreement
Loss Contingencies [Line Items]
Milestone payments	$ 5,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

14. Related Party Transactions

The Company is party to a consulting agreement with an entity controlled by one of its directors. The agreement provides for an annual retainer of $110. The Company recognized expense in the amount of $27 and $81 for each of the three and nine month periods ended September 30, 2024 and 2023, respectively.

In June 2022, the Company entered into a consulting agreement with one of its directors. No expense was recognized in connection with this agreement for the three and nine months ended September 30, 2024 or 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	84,463,059	83,435,513
Common stock, shares outstanding	84,463,059	83,435,513

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 26,159	$ 28,181	$ 118,430	$ 79,198
General and administrative	11,043	12,604	35,494	38,391
Total operating expenses	37,202	40,785	153,924	117,589
Loss from operations	(37,202)	(40,785)	(153,924)	(117,589)
Interest income and other, net	6,277	7,864	19,782	21,466
Loss before income taxes	(30,925)	(32,921)	(134,142)	(96,123)
Income tax expense	(226)	(221)	(700)	(669)
Net loss	(31,151)	(33,142)	(134,842)	(96,792)
Other comprehensive loss
Unrealized gain on available-for-sale investments	921	48	434	422
Comprehensive loss	$ (30,230)	$ (33,094)	$ (134,408)	$ (96,370)
Net loss per share - basic and diluted
Net loss per share - basic	$ (0.37)	$ (0.4)	$ (1.6)	$ (1.16)
Net loss per share - diluted	$ (0.37)	$ (0.4)	$ (1.6)	$ (1.16)
Weighted-average number of common shares - basic and diluted
Weighted-average number of common shares - basic	84,422,000	83,399,769	84,198,117	83,374,328
Weighted-average number of common shares - diluted	84,422,000	83,399,769	84,198,117	83,374,328

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 226	$ 221	$ 700	$ 669

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 383,709	$ 434,076
Unrealized Gains	648	320
Unrealized Losses	(7)	(113)
Fair Value	384,350	434,283
U.S. Treasury obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	128,478	155,816
Unrealized Gains	150	145
Unrealized Losses	0	(23)
Fair Value	128,628	155,938
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	22,059	178,115
Unrealized Gains	34	96
Unrealized Losses	(1)	(51)
Fair Value	22,092	178,160
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	54,884
Unrealized Gains	121
Unrealized Losses	(3)
Fair Value	55,002
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,704	39,461
Unrealized Gains	16	14
Unrealized Losses		(27)
Fair Value	16,720	39,448
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	161,584	60,684
Unrealized Gains	327	65
Unrealized Losses	(3)	(12)
Fair Value	$ 161,908	$ 60,737

Stock-based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended				9 Months Ended		39 Months Ended
	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Oct. 31, 2020 shares	Sep. 30, 2024 USD ($) shares	Mar. 31, 2024 shares	Sep. 30, 2023 USD ($) shares	Mar. 31, 2023 shares	Sep. 30, 2024 USD ($) Installment shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								3,213,550
Compensation expense \| $				$ 12,164		$ 12,383		$ 37,470	$ 37,271
Gross proceeds from issuance of common stock \| $								$ 267	257
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock under ESPP, shares				41,059	58,555	36,136	57,803
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted								1,126,100
Number of units cancelled due to terminations								12,633
Aggregate grant date fair market value of restricted stock units granted \| $								$ 4,557
Number of installments \| Installment								3
Unrecognized compensation expense \| $				$ 7,801				$ 7,801
Remaining weighted average period for recognize compensation expense								1 year 8 months 12 days
Stock units outstanding				2,523,052				2,523,052		2,337,517
Compensation expense \| $				$ 1,356		$ 1,087		$ 4,018	2,590
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted								1,057,900
Stock units outstanding				1,782,870				1,782,870		724,970
Compensation expense \| $				$ 185				$ 488
2022 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock units terms of award								The 2022 PSUs provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of 2022 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through September 30, 2024, as achievement of the minimum performance criteria had not been deemed probable. The vesting of any eligible 2022 PSUs will occur in equal installments on January 31, 2025 and January 31, 2026.
Stock units outstanding										724,970
2024 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted								1,057,900
Aggregate grant date fair market value of restricted stock units granted \| $								$ 4,401
Triggering expense recognition				50.00%				50.00%
Performance based restricted stock units terms of award								The 2024 PSUs provide for a performance period from February 1, 2024 through January 31, 2027 to achieve up to four defined metrics. The percentage of 2024 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. As of September 30, 2024 one metric was deemed probable of achievement resulting in expense recognition of 50% of the grant date value of the 2024 PSUs. Compensation expense is being recognized from the grant date through the final vest date of January 31, 2027.
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted				34,000				3,213,550
Aggregate grant date fair market value \| $				$ 83				$ 9,622
Vesting service period								4 years
Award contractual term								10 years
Unrecognized compensation expense \| $				31,529				$ 31,529
Remaining weighted average period for recognize compensation expense								2 years 3 months 18 days
Compensation expense \| $				$ 10,612		11,295		$ 32,884	34,592
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares of common stock Outstanding			1.00%
Common stock available for issuance				2,631,642				2,631,642
Compensation expense \| $				$ 11		$ 1		$ 80	$ 89
Common stock, capital shares reserved for future issuance			1,187,000
Issuance of common stock under ESPP, shares				41,059				99,614
Gross proceeds from issuance of common stock \| $				$ 117				$ 267
Employee Stock Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increased number of shares available under plan	834,355	832,876
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increased number of shares available under plan	4,171,775									12,450,364
Percentage of shares of common stock Outstanding			5.00%
Common stock available for issuance				5,362,362				5,362,362
Minimum \| 2022 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage								0.00%
Minimum \| 2024 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage								0.00%
Maximum \| 2022 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage								200.00%
Maximum \| 2024 Performance-based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage								200.00%
Maximum \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			7,924,000

Related Party Transactions - Additional Information (Details) - Consulting Agreement - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Entity Controlled by Director
Related Party Transaction [Line Items]
Annual retainer	$ 110,000		$ 110,000
Related Party \| Director
Related Party Transaction [Line Items]
Related party transaction expense	0	$ 0	0	$ 0
Related Party \| Entity Controlled by Director
Related Party Transaction [Line Items]
Related party transaction expense	$ 27,000	$ 27,000	$ 81,000	$ 81,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	AVIR
Entity Registrant Name	Atea Pharmaceuticals, Inc.
Entity Central Index Key	0001593899
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,463,059
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39661
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0574869
Entity Address, Address Line One	225 Franklin Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	284-8891
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

License Agreement

In December 2021, the Company entered into a license agreement (“Merck License Agreement”) with MSD International GmbH, an affiliate of Merck & Co, Inc. (“Merck”) for the development, manufacture and commercialization of ruzasvir. Ruzasvir is the NS5A inhibitor the Company is developing in combination with bemnifosbuvir for the treatment of HCV.

Pursuant to the terms of the Merck License Agreement, the Company obtained from Merck a worldwide exclusive (subject to certain reserved rights to conduct internal research) and, sublicensable license under certain Merck patents and know-how to research, develop, manufacture, have manufactured, use, import, export, sell, offer for sale, and otherwise commercialize ruzasvir or products containing ruzasvir (each a “Product”) for all therapeutic or prophylactic uses in humans.

In addition to a non-refundable upfront payment that the Company made in February 2022, the Company will be required to pay Merck milestone payments upon its achievement of certain development, regulatory and

sales-based milestones. Additionally, the Company will pay Merck tiered royalties based on annual net sales of Products ranging from high single digits to mid-teens percentages. The Company’s royalty payment obligations will continue until the later of (i) the expiration of the last to expire valid claim of a licensed Merck patent claiming such Product and (ii) a period of years after the first commercial sale of such Product in such country. The Company may terminate the Merck License Agreement for convenience upon prior written notice. The first potential milestone in the amount of $5.0 million would be payable upon the commencement of the HCV Phase 3 clinical trial that the Company is currently planning.

Contingent Consulting Fee

The Company has an agreement with a consultant that requires payment of a success fee calculated as a percentage of certain product sales, subject to a cumulative maximum payout of $5.0 million. This success payment is contingent upon the occurrence of future events and the timing and likelihood of such payment is neither probable nor estimable.

Indemnification

The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with the Company, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship with the Company, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against such third parties arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services.

From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount payable under these contracts since the Company has no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative.

Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

8. Stock-based Compensation

In October 2020, the Company’s shareholders approved the Company’s 2020 Incentive Award Plan (“2020 Plan”). The 2020 Plan initially provided for the issuance of up to 7,924,000 shares of the Company's common stock and for the grant of incentive stock options or other incentive awards to employees, officers, directors and consultants of the Company. The number of shares of the Company's common stock that may be issued under the 2020 Plan is also subject to increase on the first day of each calendar year equal to the lesser of i) 5% of the aggregate number of shares of the Company's common stock outstanding on the final day of the immediately preceding calendar year or ii) such smaller number of shares as is determined by the board of directors. Through December 31, 2023, the shares available under the plan had increased by 12,450,364 shares since the inception of the 2020 Plan. In January 2024, the shares of the Company’s common stock available under the 2020 Plan increased by 4,171,775 shares. As of September 30, 2024, 5,362,362 shares of the Company’s common stock were available for future issuance under the 2020 Plan.

The 2020 Plan replaced and is the successor of the Company’s 2013 Equity Incentive Plan, as amended (“2013 Plan”). Upon any cancellation of outstanding option awards to purchase shares of the Company's common stock under the 2013 Plan, such shares will be made available for grant under the 2020 Plan.

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2024.


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($000s)
Outstanding at January 1, 2024		17,017,319		$	15.30		7.1	$	5,080
Granted		3,213,550		$	4.10
Exercised		—		$	—
Cancelled		(64,800	)	$	18.27
Outstanding at September 30, 2024		20,166,069		$	13.51		6.8	$	6,095
Vested and expected to vest at September 30, 2024		20,166,069		$	13.51		6.8	$	6,095
Vested and exercisable at September 30, 2024		14,010,255		$	16.28		6.1	$	6,075

During the three and nine months ended September 30, 2024 the Company granted 34,000 and 3,213,550 stock options with an aggregate grant date fair value of $83 and $9,622, respectively.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Stock options generally vest over a service period of four years after grant and have a contractual term of ten years. As of September 30, 2024, total unrecognized compensation expense related to stock option awards was $31,529, which amount is being recognized over a remaining weighted average period of 2.3 years.

Restricted Stock Units

During the nine months ended September 30, 2024, the Company granted 1,126,100 restricted stock units to employees and directors under the 2020 Plan with an aggregate grant date fair market value of $4,557.

The restricted stock unit awards vest in three annual installments. Below is the activity related to restricted stock units for the nine months ended September 30, 2024.


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		2,337,517		$	4.69
Granted		1,126,100		$	4.05
Released		(927,932	)	$	4.65
Cancelled		(12,633	)	$	4.62
Unvested shares at September 30, 2024		2,523,052		$	4.42

As of September 30, 2024, total unrecognized compensation expense related to restricted stock units was $7,801, which amount is being recognized over a remaining weighted average period of 1.7 years.

Performance-based Restricted Stock Units

As of December 31, 2023 the Company had 724,970 performance-based restricted stock units (“2022 PSUs”) outstanding. The 2022 PSUs provide for a performance period from February 1, 2022 through January 31, 2025 to achieve up to six defined performance metrics. The percentage of 2022 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through September 30, 2024, as achievement of the minimum performance criteria had not been deemed probable. The vesting of any eligible 2022 PSUs will occur in equal installments on January 31, 2025 and January 31, 2026.

During the nine months ended September 30, 2024, the Company granted 1,057,900 performance-based restricted stock units (“2024 PSUs”) to employees with an aggregate grant date fair value of $4,401. The 2024 PSUs provide for a performance period from February 1, 2024 through January 31, 2027 to achieve up to four defined metrics. The percentage of 2024 PSUs eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. As of September 30, 2024 one metric was deemed probable of achievement resulting in expense recognition of 50% of the grant date value of the 2024 PSUs. Compensation expense is being recognized from the grant date through the final vest date of January 31, 2027. The Company recorded compensation expense of $185 and $488 for the three and nine months ended September 30, 2024.

The following table summarizes the activity related to performance-based restricted stock units for the nine months ended September 30, 2024.


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		724,970	$	7.14
Granted		1,057,900	$	4.16
Released		—	$	—
Cancelled		—	$	—
Unvested shares at September 30, 2024		1,782,870	$	5.37

Employee Stock Purchase Plan

In October 2020, the Company’s shareholders approved the Employee Stock Purchase Plan (“ESPP”), which became effective upon the closing of the Company’s initial public offering (“IPO”) in November 2020. The Company initially reserved a total of 1,187,000 shares of the Company’s common stock for issuance under the ESPP. The ESPP provides that the number of shares reserved and available for issuance under the ESPP will be

increased on January 1 of each calendar year by 1% of the number of shares of the Company’s common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the board of directors. Through December 31, 2022, there was no increase in the number of shares reserved for issuance under the ESPP. In January 2023 and January 2024, the number of shares of the Company’s common stock available for issuance under the ESPP was increased by 832,876 shares and 834,355 shares, respectively. As of September 30, 2024, 2,631,642 shares of the Company’s common stock were available for issuance under the ESPP.

Under the ESPP, the Company issued 41,059 and 99,614 shares of the Company's common stock for proceeds of $117 and $267 during the three and nine months ended September 30, 2024.

Stock-based Compensation Expense

Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive loss was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options	$	10,612	$	11,295	$	32,884	$	34,592
Restricted stock units		1,356		1,087		4,018		2,590
Performance-based stock units		185		—		488		—
Employee stock purchase plan		11		1		80		89
Total stock-based compensation expense	$	12,164	$	12,383	$	37,470	$	37,271

Stock-based compensation expense is classified as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expense	$	5,815	$	5,564	$	17,869	$	17,037
General and administrative		6,349		6,819		19,601		20,234
Total stock-based compensation expense	$	12,164	$	12,383	$	37,470	$	37,271

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The results for the three months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of marketable securities, the valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which such changes become known.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly-owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (31,151)	$ (40,522)	$ (63,169)	$ (33,142)	$ (28,183)	$ (35,467)	$ (134,842)	$ (96,792)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan recognized expense related to matching contributions	$ 149	$ 105	$ 711	$ 642
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percentage			4.00%

Leases - Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use asset	$ 1,391	$ 1,828
Current lease liability	790	760
Non-current lease liability	$ 1,045	$ 1,642

Common Stock - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	84,463,059	83,435,513
Common stock, shares outstanding	84,463,059	83,435,513
Common stock voting rights per share	On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share.

Marketable Securities - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) Security	Sep. 30, 2024 USD ($) Security	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Abstract]
Number of held securities \| Security	5	5
Debt securities in unrealized loss position	$ 7,000	$ 7,000
Aggregate fair value	16,157,000	16,157,000
Marketable debt securities, charges for credit-related impairments	0	0
Securities maturing longer than one year	$ 0	0
Proceeds from sales and maturities of marketable securities		$ 462,177,000	$ 527,664,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 98,463	$ 143,823
Marketable securities	384,350	434,283
Prepaid expenses and other current assets	4,093	12,349
Total current assets	486,906	590,455
Property and equipment, net	977	1,289
Other assets	1,683	1,396
Operating lease right-of-use assets, net	1,391	1,828
Total assets	490,957	594,968
Current liabilities
Accounts payable	5,785	4,252
Accrued expenses and other current liabilities	18,615	27,364
Current portion of operating lease liabilities	790	760
Total current liabilities	25,190	32,376
Operating lease liabilities	1,045	1,642
Income taxes payable	6,201	5,758
Total liabilities	32,436	39,776
Commitments and contingencies (see Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 300,000,000 shares authorized; 84,463,059 and 83,435,513 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	84	83
Additional paid-in capital	788,473	750,737
Accumulated other comprehensive gain	641	207
Accumulated deficit	(330,677)	(195,835)
Total stockholders’ equity	458,521	555,192
Total liabilities and stockholders’ equity	$ 490,957	$ 594,968

Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	20,166,069	17,006,319	20,166,069	17,006,319
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	2,523,052	2,337,517	2,523,052	2,337,517
Performance-based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	1,782,870	724,970	1,782,870	724,970

Stock-based Compensation - Summary of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding \| shares	17,017,319
Number of Shares, Granted \| shares	3,213,550
Number of Shares, Cancelled \| shares	(64,800)
Number of Shares, Outstanding \| shares	20,166,069	17,017,319
Number of Shares, Vested and expected to vest \| shares	20,166,069
Number of Shares, Vested and exercisable \| shares	14,010,255
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Outstanding \| $ / shares	$ 15.3
Weighted Average Exercise Price Per Share, Granted \| $ / shares	4.1
Weighted Average Exercise Price Per Share, Cancelled \| $ / shares	18.27
Weighted Average Exercise Price Per Share, Outstanding \| $ / shares	13.51	$ 15.3
Weighted Average Exercise Price Per Share, Vested and expected to vest \| $ / shares	13.51
Weighted Average Exercise Price Per Share, Vested and exercisable \| $ / shares	$ 16.28
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (years), Outstanding	6 years 9 months 18 days	7 years 1 month 6 days
Weighted Average Remaining Contractual Term (years), Vested and expected to vest	6 years 9 months 18 days
Weighted Average Remaining Contractual Term (years), Vested and exercisable	6 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 6,095	$ 5,080
Aggregate Intrinsic Value, Vested and expected to vest \| $	6,095
Aggregate Intrinsic Value, Vested and exercisable \| $	$ 6,075

Leases - Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 205
2025	838
2026	855
Total lease payments	1,898
Less amount representing implied interest	63
Total lease liability	1,835
Current portion of operating lease liabilities	790	$ 760
Non-current portion of operating lease liabilities	$ 1,045	$ 1,642

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	90,641	$	—	$	—	$	90,641
Marketable Securities
US Treasury obligations		—		128,628		—		128,628
US Government agency securities		—		22,092		—		22,092
Asset-backed securities		—		55,002		—		55,002
Commercial paper		—		16,720		—		16,720
Corporate bonds		—		161,908		—		161,908
Total	$	90,641	$	384,350	$	—	$	474,991


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	143,740	$	—	$	—	$	143,740
Marketable Securities
US Treasury obligations		—		155,938		—		155,938
US Government agency securities		—		178,160		—		178,160
Commercial paper		—		39,448		—		39,448
Corporate bonds		—		60,737		—		60,737
Total	$	143,740	$	434,283	$	—	$	578,023

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023.

The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy include treasury obligations, government agency securities, asset-backed securities, commercial paper and corporate bonds with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in active market.

There were no transfers between Level 1, Level 2 or Level 3 categories during the nine months ended September 30, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Name Accounting Standards Codification
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-Paragraph 107
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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2024		December 31, 2023
Research and development, including manufacturing and clinical expenditures	$	13,652	$	20,999
Payroll and payroll related		4,535		5,696
Professional fees and other		428		669
Total accrued expenses and other current liabilities	$	18,615	$	27,364

Stock-based Compensation - Summary of Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding \| shares	2,337,517
Number of shares, Granted \| shares	1,126,100
Number of shares, Released \| shares	(927,932)
Number of shares, Cancelled \| shares	(12,633)
Number of shares, Unvested \| shares	2,523,052
Weighted Average Grant Date Fair Value, Outstanding \| $ / shares	$ 4.69
Weighted Average Grant Date Fair Value, Granted \| $ / shares	4.05
Weighted Average Grant Date Fair Value, Released \| $ / shares	4.65
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	4.62
Weighted Average Grant Date Fair Value, Unvested \| $ / shares	$ 4.42
Performance-based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding \| shares	724,970
Number of shares, Granted \| shares	1,057,900
Number of shares, Unvested \| shares	1,782,870
Weighted Average Grant Date Fair Value, Outstanding \| $ / shares	$ 7.14
Weighted Average Grant Date Fair Value, Granted \| $ / shares	4.16
Weighted Average Grant Date Fair Value, Unvested \| $ / shares	$ 5.37

Stock-based Compensation - Summary of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 12,164	$ 12,383	$ 37,470	$ 37,271
Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	10,612	11,295	32,884	34,592
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,356	1,087	4,018	2,590
Performance-based Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	185		488
Employee Stock Purchase Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11	$ 1	$ 80	$ 89

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Other than as disclosed below, during the three months ended September 30, 2024, no director or “officer” (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K. On September 10, 2024, Maria Arantxa Horga, M.D., our Chief Medical Officer, terminated a Rule 10b5-1 trading arrangement, as defined in term 408(a) of Regulation S-K, that was adopted on June 17, 2024 to sell 67,198 shares of the Company’s common stock thru June 15, 2025. No shares of the Company’s common stock were sold under this trading arrangement prior to the termination.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Maria Arantxa Horga
Trading Arrangements, by Individual
Name	Maria Arantxa Horga, M.D
Title	Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 17, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 10, 2024
Expiration Date	June 15, 2025
Aggregate Available	67,198
Shares of Common Stock \| Maria Arantxa Horga
Trading Arrangements, by Individual
Aggregate Available	0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis


	Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	90,641	$	—	$	—	$	90,641
Marketable Securities
US Treasury obligations		—		128,628		—		128,628
US Government agency securities		—		22,092		—		22,092
Asset-backed securities		—		55,002		—		55,002
Commercial paper		—		16,720		—		16,720
Corporate bonds		—		161,908		—		161,908
Total	$	90,641	$	384,350	$	—	$	474,991


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	143,740	$	—	$	—	$	143,740
Marketable Securities
US Treasury obligations		—		155,938		—		155,938
US Government agency securities		—		178,160		—		178,160
Commercial paper		—		39,448		—		39,448
Corporate bonds		—		60,737		—		60,737
Total	$	143,740	$	434,283	$	—	$	578,023

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company recorded income tax expense of $226 and $221 for the three months ended September 30, 2024 and 2023, respectively. The Company recorded income tax expense of $700 and $669 for the nine months ended September 30, 2024 and 2023, respectively.

The Company maintained a full valuation allowance through September 30, 2024 due to uncertainty regarding its ability to utilize deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Assets and Liabilities Recorded on Balance Sheet

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of September 30, 2024.


	As of September 30,
	2024
Right-of-use asset	$	1,391
Current lease liability		790
Non-current lease liability		1,045

Summary of Future Minimum Payments under Operating Leases

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of September 30, 2024 were as follows.


	As of September 30,
	2024
Remainder of 2024	$	205
2025		838
2026		855
Total lease payments		1,898
Less amount representing implied interest		63
Total lease liability	$	1,835
Current portion of operating lease liabilities	$	790
Non-current portion of operating lease liabilities	$	1,045

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 640,572	$ 83	$ 701,052	$ (684)	$ (59,879)
Balance, shares at Dec. 31, 2022		83,287,639
Issuance upon vesting of restricted stock units, shares		53,935
Issuance of common stock under employee stock purchase plan	165		165
Issuance of common stock under employee stock purchase plan, shares		57,803
Stock-based compensation expense	12,535		12,535
Other comprehensive income (loss)	377			377
Net loss	(35,467)				(35,467)
Balance at Mar. 31, 2023	618,182	$ 83	713,752	(307)	(95,346)
Balance, shares at Mar. 31, 2023		83,399,377
Balance at Dec. 31, 2022	640,572	$ 83	701,052	(684)	(59,879)
Balance, shares at Dec. 31, 2022		83,287,639
Net loss	(96,792)
Balance at Sep. 30, 2023	581,730	$ 83	738,580	(262)	(156,671)
Balance, shares at Sep. 30, 2023		83,435,513
Balance at Mar. 31, 2023	618,182	$ 83	713,752	(307)	(95,346)
Balance, shares at Mar. 31, 2023		83,399,377
Stock-based compensation expense	12,353		12,353
Other comprehensive income (loss)	(3)			(3)
Net loss	(28,183)				(28,183)
Balance at Jun. 30, 2023	602,349	$ 83	726,105	(310)	(123,529)
Balance, shares at Jun. 30, 2023		83,399,377
Issuance of common stock under employee stock purchase plan	92		92
Issuance of common stock under employee stock purchase plan, shares		36,136
Stock-based compensation expense	12,383		12,383
Other comprehensive income (loss)	48			48
Net loss	(33,142)				(33,142)
Balance at Sep. 30, 2023	581,730	$ 83	738,580	(262)	(156,671)
Balance, shares at Sep. 30, 2023		83,435,513
Balance at Dec. 31, 2023	555,192	$ 83	750,737	207	(195,835)
Balance, shares at Dec. 31, 2023		83,435,513
Issuance upon vesting of restricted stock units		$ 1	(1)
Issuance upon vesting of restricted stock units, shares		729,032
Issuance of common stock under employee stock purchase plan	150		150
Issuance of common stock under employee stock purchase plan, shares		58,555
Stock-based compensation expense	12,586		12,586
Other comprehensive income (loss)	(388)			(388)
Net loss	(63,169)				(63,169)
Balance at Mar. 31, 2024	504,371	$ 84	763,472	(181)	(259,004)
Balance, shares at Mar. 31, 2024		84,223,100
Balance at Dec. 31, 2023	555,192	$ 83	750,737	207	(195,835)
Balance, shares at Dec. 31, 2023		83,435,513
Net loss	(134,842)
Balance at Sep. 30, 2024	458,521	$ 84	788,473	641	(330,677)
Balance, shares at Sep. 30, 2024		84,463,059
Balance at Mar. 31, 2024	504,371	$ 84	763,472	(181)	(259,004)
Balance, shares at Mar. 31, 2024		84,223,100
Issuance upon vesting of restricted stock units, shares		198,900
Stock-based compensation expense	12,720		12,720
Other comprehensive income (loss)	(99)			(99)
Net loss	(40,522)				(40,522)
Balance at Jun. 30, 2024	476,470	$ 84	776,192	(280)	(299,526)
Balance, shares at Jun. 30, 2024		84,422,000
Issuance of common stock under employee stock purchase plan	117		117
Issuance of common stock under employee stock purchase plan, shares		41,059
Stock-based compensation expense	12,164		12,164
Other comprehensive income (loss)	921			921
Net loss	(31,151)				(31,151)
Balance at Sep. 30, 2024	$ 458,521	$ 84	$ 788,473	$ 641	$ (330,677)
Balance, shares at Sep. 30, 2024		84,463,059

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The results for the three months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of marketable securities, the valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which such changes become known. Principles of Consolidation The condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly-owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation. Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(31,151	)	$	(33,142	)	$	(134,842	)	$	(96,792	)
Weighted average common shares outstanding, basic and diluted		84,422,000			83,399,769			84,198,117			83,374,328
Net loss per share, basic and diluted	$	(0.37	)	$	(0.40	)	$	(1.60	)	$	(1.16	)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options		20,166,069		17,006,319		20,166,069		17,006,319
Restricted stock units		2,523,052		2,337,517		2,523,052		2,337,517
Performance-based restricted stock units		1,782,870		724,970		1,782,870		724,970

Collaboration Agreement

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Collaboration Agreement

3. Collaboration Agreement

In October 2020, the Company entered into a License Agreement (“Roche License Agreement”) with F. Hoffmann-LaRoche Ltd. and Genentech, Inc. (together, “Roche”) under which the Company granted an exclusive license for certain development and commercialization rights related to bemnifosbuvir outside of the United States (other than for certain HCV uses) to Roche.

In November 2021, Roche provided the Company with a notice of termination of the Roche License Agreement which became effective in February 2022. Upon termination, the rights and licenses granted by the Company to Roche under the Roche License Agreement were returned to the Company, resulting in the Company having all rights to continue the clinical development and future commercialization of bemnifosbuvir worldwide. Global development plan activities and related cost sharing between the parties continued through the effective date of the termination.

The activities to complete the global development plan were accounted for under ASC 808. Expenses incurred and reimbursements made or received from Roche were accounted for pursuant to ASC 730, Research and Development. As such, the Company was expensing costs as incurred, including any reimbursements made to Roche, and recognizing reimbursement received from Roche as a reduction of research and development expense through the effective date of the termination.

For the three months ended September 30, 2024 and 2023, the Company recorded net credits of $0 and $3,748, respectively, from Roche. For the nine months ended September 30, 2024 and 2023, the Company recorded net credits of $1,292 and $12,625, respectively, from Roche. The credits recorded represent changes in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. The close out activities were completed by Roche as of March 31, 2024. As a result, the Company did not record any net credits in the three months ended September 30, 2024 and does not expect to receive any related amounts from Roche in the future.